NST Online Business Times : latest
NST Online Business Times : latest |
| US stocks rally on Europe banks' cooperation Posted: 15 Sep 2011 07:44 PM PDT NEW YORK: US stocks got a boost on Thursday despite poor domestic economic data after major central banks joined hands to ensure US dollar liquidity to Europe's embattled banks. In positive territory for the fourth day in a row, the Dow Jones Industrial Average closed up 186.45 points (1.66 percent) at 11,433.18. The broader S&P 500 rose 20.43 points (1.72 percent) to 1,209.11, while the tech-heavy Nasdaq Composite gained 34.52 points (1.34 percent) to stand at 2,607.07. The markets were strong from the opening but fell off after a series of economic indicators - on weekly jobless insurance claims, inflation, and business conditions - reinforced beliefs that the economy is stagnating.
The announcement sent European stocks soaring - the key eurozone bourses all closing up more than 3 percent - and the sentiment spilled over to the United States. "The rally was fuelled by an announcement that major global central banks will work together to provide further US dollar funding to the world's financial system, taking pressure off funding issues across European banks," said analysts at Charles Schwab. All 30 Dow blue-chips traded higher, led by Bank of America, which added 4.0 percent after it said it would raise another $1.5 billion in cash through the sale of a stake in Hospital Corporation of America to the hospital owner-operator itself. On the Nasdaq, Netflix plunged 18.9 percent after slashing its forecast for subscriber growth. Netflix cut its third-quarter US subscriber forecast from 25 million to 24 million, the result, analysts said, of a sharp increase in subscription prices in July. -- AFP |
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